Core Viewpoint - Far East Holdings (600869.SH) is adopting a dual-driven model of "stable growth in traditional business + high elasticity in emerging sectors" to navigate challenges in the manufacturing industry, with significant growth in contract orders and a strategic shift towards energy and digital technology [1][2]. Group 1: Order Data and Business Resilience - The company reported a total of RMB 216.24 billion in contract orders exceeding 10 million yuan from January to September, marking an 8.37% year-on-year increase and a historical high [1][2]. - The traditional smart cable network segment is projected to achieve revenue of RMB 227.03 billion in 2024, with significant contributions from nuclear-grade cables and high-voltage cables [2]. - Emerging business segments, particularly smart batteries, are expected to see revenue growth of 180.47% in 2024, with contract orders increasing by 411.41% [2]. Group 2: Strategic Positioning in Emerging Fields - The company is focusing on three cutting-edge areas: controllable nuclear fusion, energy + computing + AI, and robotics, which are expected to create a long-term growth moat [3][4][5]. - In controllable nuclear fusion, the company has established itself as a key player, with products already applied in domestic projects and significant technical achievements [4]. - The energy + computing + AI strategy aligns with national policies and aims to build a green computing ecosystem, with ongoing advancements in hardware and technology [5][6]. Group 3: Valuation Logic and Market Perception - The market currently views the company primarily as a traditional cable leader, but breakthroughs in emerging businesses are reshaping its valuation framework [7]. - The company aims for a 210.60% year-on-year increase in net profit for the first half of 2025, driven by significant growth in AI, computing, and robotics sectors [7]. - As the company transitions towards a "technology growth" model, the valuation is expected to realign with its emerging business potential [7].